He wasn't a coach. He was a vendor without a viable product.
The more important question is why you believed you needed a coach in the first place, and, beyond that, why you found it necessary to pay for the services of several.
Do you have a thoroughly-tested and consistently-profitable trading plan? If so, why do you need a coach? If not, why not?
While it's true that "there is a seemingly endless queue of new and not so new traders who are willing to hand over their cash to these people", that's because there is an endless queue of new and not-so-new traders who don't want to do the work, who'd rather let somebody else make the calls. This relieves the "trader" from all responsibility, but that carries a price.
When wannabees who don't want to do the work of developing and implementing a robust trading plan practically beg these vendors to take their money, one can hardly blame the vendor for doing so.
Picks and shovels.
There will always be those who assume responsibility for their trading lives and those who mill around waiting to be told what to do. Every wannabee is free to choose one path or the other.
I have always liked bird dogs better than kennel dogs. You know, ones who will get out and hunt for food rather than sit and yelp.
-- "Engine Charlie" Wilson, once Secretary of Defense
